Victory Company uses FIFO process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 732,000 units of product to finished goods. At the end of November, the goods in process inventory consists of 196,000 units that are 100% completed with respect to direct materials and 40% complete with respect to labor. Beginning inventory had $436,000 of direct materials and $155,000 of direct labor cost. The direct material cost added in November is $2,436,720, and the direct labor cost added is $3,531,920. Beginning goods in process consisted of 76,000 units that were 100% complete with respect to direct materials and 90% complete with respect to direct labor. Of the 732,000 units completed, 76,000 were from beginning goods in process and 656,000 units were started and completed during the period. 1.
Calculate the Cost of goods manufactured and the cost of ending balance of work in process using the 4 steps of process costing?